Federal Taxation of Trusts, Grantors and Beneficiaries: Income, Estate, Gift and
Generation-Skipping Transfer, Second Edition, by John Peschel and Edward D.
This article focuses on estate planning opportunities relating to the
generation-skipping transfer tax (1) (GST) that practitioners and taxpayers should consider for implementation in 2009.
"We are particularly pleased," says Gerry Padwe, AICPA vice-president-taxation, "that the new law includes the proposals, in which we played a significant role for removing potentially serious traps for the unwary regarding the
generation-skipping transfer tax--proposals we have been advocating for several years.
Use of qualified disclaimers enable beneficiaries to take advantage of these strategies and still carry out the taxpayer's wishes The authors explain how they work to minimize estate, gift, and
generation-skipping transfer taxes.
This comprehensive tax library covers virtually every aspect of the taxation of individuals, partnerships, corporations, and other entities, as well as estate, gift, and
generation-skipping transfer taxation.
This edition reflects recent updates to the law related to federal, gift, and
generation-skipping transfer taxes; the rights and liabilities of same-sex spouses; lack of capacity marriages; notarized wills; the Uniform Real Property Transfer on Death Act; the 2000 version of the Uniform Principal and Income Act; the American Tax Relief Act of 2012; posthumous heir statutes; decanting practices in trust law; and physician orders for life-sustaining treatment.
11 (10/24/06), the Tax Court held that the exercise of a testamentary general power of appointment (GPA) by a decedent in favor of her grandchildren was subject to
generation-skipping transfer tax (GSTT).
The primary purpose of an IDIT is to shift income ownership and related tax burden and attributes back to the grantor, while preserving the completed gift characterization for estate and
generation-skipping transfer taxes.
The Knights filed a federal gift and
generation-skipping transfer tax return for 1994.
The
generation-skipping transfer tax (GST) is a flat tax equal to the maximum federal estate tax rate (currently 55%) at the time of the transfer.
Specifically, the nonexempt donees (the taxpayers' four sons and four
generation-skipping transfer (GST) tax trusts established for their benefit) were to receive LP interests with an aggregate FMV of up to $6,910,933.
Tax planning includes techniques designed to reduce income taxes, as well as estate, gift and
generation-skipping transfer taxes.
